Wednesday, 8 August 2012

Google paid just £6million in taxes in Britain despite raking in £395million in revenue

Daily Mail"Despite bringing in a huge £395 million in UK revenue last year, internet giant Google only paid back £6 million in tax to the Government, it was revealed today.
The search company's tax affairs are again under the spotlight after its executive chairman Eric Schmidt admitted they 'could pay more tax' in Britain but do not have to.
It is understood Google has managed to reduce its tax burden by funneling its turnover through Ireland, allowing them to pay corporation tax at a rate of 12.5% rather than the 20% in the UK.
According to documents filed with Companies House, in total it handed over £6.09 million in corporation tax to the Treasury in that period.
But it is an improvement on 2010, when the company only paid £935,000 of tax and had until this year only paid tax totalling £8 million since 2004.
Mr Schmidt has previously poked fun at UK tax laws, adding that that's why Google 'love Britain'.